European vote brings benchmark rules closer

Talks between the the Parliament, Council and Commission to begin in June

A European Parliament vote late on Tuesday has cleared the way
for talks to begin between the European Commission, Council and
Parliament aimed at finalising the proposed financial benchmark
rules.

Jonathan Hill, EU Commissioner for Financial Services and
Stability, said: "It
is consumers who ultimately have to pay the price when
benchmarks are manipulated or unreliable as this can increase
the cost of their mortgage repayments or the
returns on their pension funds."